Rockwell Diamonds shareholders pass all resolutions at annual and special general meeting
VANCOUVER, July 26, 2013 /CNW/ - Rockwell Diamonds Inc. ("Rockwell" or the "Company" (TSX: RDI; JSE: RDI) is pleased to announce that all the resolutions put forward in its management information circular were passed by the shareholders at the annual and special general meeting held in Vancouver today.
Annual General Meeting results:
- The resolutions which were passed at the meeting were as follows:
- The number of directors was set at seven (7);
- Mark Bristow (Chairman), James Campbell (President and CEO), Stephen Dietrich, Dr. Willem Jacobs, Richard Linnell, Johan van 't Hof and Rick Menell were re-elected as directors;
- KPMG Inc. Chartered Accountants were appointed as Auditors of the Company for 2014;
- The Articles were altered to include advance notice provisions;
- A share bonus of a maximum of 1,000,000 Common Shares to certain senior officers and senior staff was approved;
- A right of conversion of an outstanding and overdue 2011 convertible loan ("Loan") into a maximum of 12,235,686 shares in connection with amendment of the loan that is owed to the Company's principal shareholder, Daboll Consultants Ltd was approved; and
- An ordinary resolution authorizing an issuance of 161,539 Common Shares to certain persons pursuant to the Company's obligations under a mandate agreement entered into with Allan Hochreiter (Pty) Limited was approved.
About Rockwell Diamonds:
Rockwell is engaged in the business of developing and operating alluvial diamond mines, with the aim of becoming a mid-tier diamond mining company. Rockwell's operations and projects are all located in the Republic of South Africa.
At February 28, 2013, the Group had two existing mines which it was operating, namely Saxendrift and Klipdam (sold post financial year end). It is currently constructing a third mine, Saxendrift Hill Complex, which is an expansion of the Saxendrift operation that went into production ramp up in March 2013. Saxendrift and Saxendrift Hill Complex are located in the Middle Orange River region. The acquisition of the Jasper property in fiscal 2013 also provided additional resource potential at the Saxendrift operation. Rockwell's operation at the Tirisano Mine was put on care and maintenance in December 2012, although economic value from production from the mine continues through various royalty mining agreements.
Rockwell's operations have a track record of producing large gem quality diamonds, which comprise a significant proportion of its production profile. The diamonds recovered from Rockwell's mines are frequently acquired for investment purposes. The Company has a beneficiation agreement in place which enables it to sell rough +2.8 carat sized diamonds, receive 90% of the fair value sales price at sale and receive the remaining 10% through, and participate equally in, the retail profit on the sale of its stones after polishing and finishing.
No regulatory authority has approved or disapproved the information contained in this news release.
Forward Looking Statements
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.
Factors that could cause actual results to differ materially from those in forward-looking statements include uncertainties and costs related to exploration and development activities, such as those related to determining whether mineral resources exist on a property; uncertainties related to expected production rates, timing of production and cash and total costs of production; uncertainties related to the ability to obtain necessary licenses, permits, electricity, surface rights and title for development projects; operating and technical difficulties in connection with mining development activities; uncertainties related to the accuracy of our mineral resource estimates and our estimates of future production and future cash and total costs of production. In particular there can be no assurance that refinancing funds will be available to Rockwell on acceptable terms or any terms at all.
For further information on Rockwell, Investors should review Rockwell's annual Form 20-F filing with the United States Securities and Exchange Commission www.sec.gov and the Company's home jurisdiction filings that are available at www.sedar.com.
SOURCE Rockwell Diamonds Inc.
Contact
For further information on Rockwell and its operations in South Africa, please contact
James Campbell
CEO
+27 (0)83 457 3724
Stéphanie Leclercq
Investor Relations
+27 (0)83 307 7587